Ankara: The financial impact of cyberattacks is expected to reach $10.5 trillion annually by 2025, pushing global companies and governments to rapidly increase investments in cybersecurity, according to a sector expert.

According to Anadolu Agency, Senad Aruc, founder and CEO of Netherlands-based security operations firm Imperum, stated that while the cybersecurity sector continues to expand, threats are evolving just as fast and becoming more costly.

Aruc emphasized that cybersecurity investments should not be seen as costs but as necessary investments. He highlighted that the average cost of a data breach is $4.45 million, based on IBM's 2023 report, suggesting that every budget allocated to cybersecurity pays for itself in the short term by preventing future losses.

Driven by accelerated digitalization worldwide, cybersecurity has become one of the fastest-growing global industries. Attacks involving ransomware, data breaches, and critical infrastructure disruptions now pose threats not only to business continuity but also to national and public safety, experts say.

Aruc noted that awareness and preparedness are just as important as technology itself. He mentioned that AI-powered solutions are gaining attention, but user behavior remains a key component of keeping systems secure.

He referenced the April cyber-attack on UK-based retailer Marks and Spencer, which resulted in the company losing $931.2 million in market value. Another major example was the 2017 NotPetya attack, which temporarily crippled global logistics giant Maersk and led to more than $10 billion in total damage.

Aruc explained that cyber-attacks on critical infrastructure have a ripple effect, disrupting supply chains, affecting partners and clients, and in many cases impacting national economies. He stressed that cybersecurity should no longer be treated as part of a company's IT expenses, but as a core element of risk management and long-term planning.